New debt figures paint sorry picture

The average UK household debt is close to £60,000 (£57,944) including mortgage debt, with 1,900 people being added to the unemployment figures every day.

These are two of the key figures that appear in Credit Action's debt statistics for July.

The average debt figure excluding mortgages is still high – nearly £9,000 (£8,716), which may encourage more people to look into getting a managed debt solution to help pay it off at a level they can afford.

However, if the debt is just applied to people who have some form of unsecured loan, the figure rises above £18,000 (£18,159), meaning people may be eligible to enter an Individual Voluntary Arrangement (IVA) in order to become debt free.

These people wouldn't be alone in being declared insolvent though – every 51 seconds, a Briton enters insolvency or bankruptcy.

Debt problems - Household Finance Index

22/03/2011

Debt problems could put an even greater pressure on homewoners finances in the coming year, followin ...

Debt problems – energy debt

16/03/2011

People in the UK that are currently dealing with debt problems are having their situation made worse ...

Debt problems: advice options

09/03/2011

Britons who are having to deal with debt problems at present do have a broad range of outlets when i ...

Debt problems: water meter

01/03/2011

Debt problems that cause daily problems for the UK's consumers could be alleviated with the addition ...